Manufacturing in the Philadelphia region is looking up, according to a key survey by the Federal Reserve Bank of Philadelphia.
The survey's broadest index turned positive for June, compared with a negative reading last month, the bank said Thursday.
The closely watched survey by the Philly Fed also shows that manufacturing executives in the region expect growth over the next six months.
The report certainly had no positive influence on the markets, which were rocked on concerns that the Federal Reserve is winding down its measures to stimulate the economy and news that credit was tightening in China. The Dow lost 353 points, or 2.34 percent, on Thursday.